Except for minor one-offs, we're working on email-related features for the next several sprints. It will probably be a good 3-4 months before we switch to another big area because there's a lot of email-related stuff we need to do.
I can't promise exact dates for templates or mail merge but that's a huge part of this. Nearly everything you've asked for, as it relates to email, has been scheduled except for the embedded pictures part. That's still up in the air.
However, we also have to respond to things we see as we go along too. For instance, just this morning, after only a few minutes of being out, we've already noticed some things we need to tweak about the new email area. Columns that should/shouldn't be on the main grid. Filter options, etc.